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Sources: Trump plans repeal of FHA mortgage insurance premium cut

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HUD suspends FHA mortgage insurance rate cut an hour after Trump takes office

HUD suspends FHA mortgage insurance rate cut an hour after Trump takes office*/

– An hour after Donald Trump assumed the presidency Friday, his administration indefinitely suspended a pending rate cut for mortgage insurance required for FHA-backed loans, which are popular with first-time home buyers and those with poor credit.The move by the Department of Housing and Urban Development — one of the first acts of Trump’s administration — reversed a policy announced in the waning days of the Obama presidency that would have trimmed insurance premiums for typical borrowers by hundreds of dollars a year.Some Republicans expressed concern that the rate cut could cost taxpayers if the loans started to go sour and the Federal Housing Administration was unable to cover the losses.
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Sources: Trump plans repeal of FHA mortgage insurance premium cut

Sources: Trump plans repeal of FHA mortgage insurance premium cut*/

– [Update: This article is updated with a statement from the Trump transition team provided to Lorraine Woellert of Politico.]When Ben Carson, President-elect Donald Trump’s choice to lead the Department of Housing and Urban Affairs, appeared last week before the Senate Committee on Banking, Housing, and Urban Affairs, one of the topics of discussion was the outgoing administration’s recent decision to cut Federal Housing Administration mortgage insurance premiums on its way out the door.At the time, Carson said that the Trump administration plans to “really examine” the Obama administration’s decision to cut FHA premiums before determining a course of action.
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FHA mortgage insurance rate cut is suspended an hour after Trump takes office

FHA mortgage insurance rate cut is suspended an hour after Trump takes office*/

– Ben Carson is the nominee for Housing and Urban Development secretary.An hour after President Trump took office Friday, the Department of Housing and Urban Development indefinitely suspended a pending rate cut for mortgage insurance required for home loans backed by the Federal Housing Administration.The move reverses a policy announced in the waning days of the Obama administration that would have trimmed payments for borrowers by hundreds of dollars a year.
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